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China Further Standardizes Cross-border RMB Settlement Operations
Roughly two years after China launched its pilot program for using RMB settlements during cross-border trading transactions and overseas investments, the People’s Bank of China (PBC) released a new circular on June 3 to clarify agent banks’ authority limits and operational details for both enterprises and banks.
New China Business Handbook Available for Complimentary Download
Produced in cooperation with the U.S. Commercial Service and Dezan Shira & Associates, the China Business Handbook (Second Edition) is now available for immediate PDF download on the Asia Briefing Bookstore – offering readers an informative guide to starting and growing a business in this dynamic market.
China Customs Reduces Tariffs on 33 Commodities
China’s Customs Tariff Commission of the State Council released a circular (shuiweihui [2011] No.12) on June 24, announcing adjustments to import duty rates on 33 kinds of products starting on July 1, 2011. Goods that are subject to a tariff cut according to the document include fuel oils and several types of raw materials to the country’s textile industry.
Individuals Subject to IIT Payment When Terminating Investments
Individuals in China who have terminated their investment operations need to pay individual income tax (IIT) on several types of income generated from the investment termination, according to the State Administration of Taxation’s (SAT’s) “Announcement on Issues of Collecting IIT on Funds Individuals Recovered from Termination of Investment Operations (SAT Announcement [2011] No. 41)” issued on July 25.
Fujian’s Entertainment Industry to Enjoy Lower Business Tax Rates
A majority of Fujian Province’s entertainment enterprises will be paying a lower amount of business tax starting from this month, thanks to a newly released provincial document that made adjustments to business tax rates for the region’s entertainment industry.
Foreigner IIT Exemption Threshold to Remain the Same
The individual income tax (IIT) exemption threshold will remain unchanged for foreigners in China, despite an increase in the amount of the “necessary deduction,” according to the newly released revisions to the “Regulations for the Implementation of the IIT Law (State Council Decree [1994] No.142).”
SAT Specifies Time When VAT Obligations Take Place
China’s State Administration of Taxation (SAT) recently made an announcement, specifying the actual time when value-added tax (VAT) payment obligations take place for taxpayers who receive direct payment during production or operation.
Shenzhen Announces Public Holidays for Universiade
The Shenzhen government issued public holiday arrangements for the 26th Summer Universiade (August 12-23, 2011), which applies to all governmental departments and institutions, schools and non-government organizations at Shenzhen.
SAT Clarifies CIT Calculation Issues Regarding Expenses, Fixed Asset Values
China’s State Administration of Taxation (SAT) released an announcement (SAT Announcement [2011] No.34) on June 9 clarifying several corporate income tax (CIT) issues related to the deduction of distinct expenses from CIT calculation basis, calculation of fixed asset values, as well as depreciation after building replacement or expansion, and determination of income types after enterprises reduce or withdraw their investments.
Vietnam Increases Import Duties on Certain Commodities
Vietnam’s Ministry of Finance has issued Circular No. 91/2011/TT-BTC dated June 20, 2011, amending import tax rates for certain goods in the Preferential Import Tariff.
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